1 month 3 mths FYTD 1 Year Fund (Net)

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1 Overview Fund objective Key features To generate long-term returns before fees in excess of traditional capitalisation weighted global equity indices by investing in a diversified portfolio of equity and equity related securities of companies worldwide excluding Australia using a Value based investment strategy. Value style attractively priced companies with strong fundamentals outperform in the long run. Embracing breadth exploiting opportunities from more than 15,000 stocks globally. Bottom up, index unconstrained investing minimal sector, region or size constraints maximises the potential return and minimises dead money allocated to expensive stocks simply to satisfy inefficient index constraints. Focus on risk management and portfolio construction a highly diversified portfolio minimises stock specific risk whilst retaining a high degree of conviction. Performance to 31 July 2018 Relative to MSCI All Country World ex Australia Index Calendar year MSCI AC World ex Australia Excess (Net) 2018 YTD Rolling periods 1 month 3 mths FYTD 1 Year 3 Years 5 Years 10 Years SI * SI cum* MSCI AC World ex Australia Excess (Net) Relative to MSCI World ex Australia Index Calendar year MSCI World ex Australia Excess (Net) 2018 YTD Rolling periods 1 month 3 mths FYTD MSCI World ex Australia 1 Year 3 Years Excess (Net) Years 10 Years SI * SI cum* Past performance is not a reliable indicator of future performance. The difference between the fund and benchmark returns may not equal stated excess returns due to rounding. *Since inception from 26 July Page 1

2 Market and fund commentary Market review Equity markets were generally higher in July, with a busy corporate reporting period indicating strong earnings across a number of geographies and sectors. Although global trade tensions continue to influence investor behaviour, trade rhetoric also appeared to cool somewhat late in the month. Economic data, while more mixed than at the start of the year, remained largely stable, pushing bond yields higher. In the US, the S&P 500 gained ground, buoyed by a slew of strong company results, ongoing strength in employment and resilient economic activity. Financial and industrial stocks recovered from a difficult June, with both sectors amongst the strongest performers in the month. However, the broader rotation into more traditionally defensive sectors also continued, lifting the healthcare and consumer staples sectors. That said, all major sectors advanced. July was a better month for Eurozone equities as the region s trade worries receded. Car manufacturers and other export-related sectors drew support from a meeting between US President Trump and EU President Juncker, which resulted in plans for new tariffs being put on hold while longer-term talks take place. GDP growth for the second quarter confirmed a slowdown in economic activity, with expansion of 0.3% in Q2 following 0.4% in Q1. The UK market rose slightly over July as the renewed sterling weakness seen since the spring fed through into earnings upgrades, particularly for the large-cap overseas earners. Conversely, domestically-focused areas of the market performed poorly as fears or a no deal or cliff edge Brexit once again came to the fore after the government published its proposals for leaving the EU. In Asia, after a sharp decline in early July, the Japanese market recovered to record a small gain for the month. Elsewhere, emerging markets equities staged a rebound in July, led by Latin America as Brazil and Mexico posted strong gains on easing domestic political concerns. In contrast, China was firmly down on continuing US-China trade uncertainties as the Trump administration followed through on its threat and declared another $200 billion tariff plan. Late in the month, China announced a range of targeted economic support measures, including a shift to fiscal stimulus and credit easing. Fund commentary In a strong month for global equities, with Value ahead of both Growth and Momentum, as would be expected, the Global Value strategy outperformed in July. Outperformance was driven by strong stock selection, especially within the defensive sectors of health care and consumer staples as well as technology. At a regional level, outperformance came from positive stock selection in the US, Europe and emerging Asia. Healthcare was one of the top contributors, where our overweight positions proved beneficial as the sector performed well over the month, particularly our favoured pharmaceuticals names in the US and Continental Europe. In technology, our underweight exposure to software contributed to relative performance. In particular, not holding Facebook proved beneficial as its share price plummeted towards the end of July, as did our lack of exposure to Tencent which continued its decline from January s high. The strategy also benefited from holdings in US and Taiwanese semis companies (e.g. Qualcomm and TSMC). Despite having a difficult start to the year, consumer staples performed strongly over the month. Off the back of this, the strategy s overweight positioning in Europe and the US contributed positively. Our underweight exposure to Japanese staples also added value, as it was one of the few countries in which the sector suffered over the month. Page 2

3 Market and fund commentary (continued) Our consumer discretionary exposure slightly detracted in July, driven primarily by holdings in the US and pan-european media. This was offset to some degree by not holding Netflix which declined on news of weaker than expected subscriber numbers. Underweight exposure to US industrials also proved a slight headwind as the sector was strong in July. We retain our diversified Value exposure, finding opportunities across the full spectrum from deep value in financials and resources to high quality yield in consumer staples and healthcare. We maintain a low exposure in utilities and real estate, where we view valuation for most stocks as unattractive, particularly in the US. Our most significant exposure remains financials and we have added to positions over the month (mainly in the US and broad based at an industry level). This has been funded by some reduction across consumer staples and health care, primarily amongst European and US companies, as these stocks performed strongly in the month. In financials we aim to take advantage of opportunities right across the quality spectrum. Deep value remains in European and Asian banks. At the other end of the spectrum, we have a broad exposure to high quality companies trading on attractive valuations, particularly complex banks and life & health insurers within the US and UK. Over the month, we have selectively added to our high quality positions in US banks and life & health insurers. Attractive valuations remain across a range of high quality companies in three out of the four defensive sectors. In healthcare, our largest exposure remains US pharmaceutical companies and healthcare providers. There has been little change in our exposure to telecoms and we retain a particular focus on Asian integrated companies. Utilities remain overall unattractive. Elsewhere, within resources, we retain a preference for higher quality value within chemicals, miners and larger integrated oil companies. We have added some new opportunities recently in European industrials which broadly spread across a number of industries. Page 3

4 Attribution against MSCI All Country World ex Australia Index Sector Jul 2018 Consumer Staples Health Care Information Technology Utilities Energy Real Estate Materials Financials Telecommunication Services Industrials Consumer Discretionary Stock Selection (%) Asset Allocation (%) Region Jul 2018 Continental Europe North America Fund details as at 31 July 2018 Fund size A$560m APIR code Emerging Markets Asia Pacific ex Japan Redemption price Inception date 26 July 2005 Buy/Sell spread 0.20%/0.15% Distribution frequency Japan Emerging Markets Emea United Kingdom Emerging Markets Latam Normally twice yearly June and Dec Management costs 0.98% Fund characteristics as at 31 July Stock Selection (%) Asset Allocation (%) The attribution analysis shown above is intended to provide an indicative summary of the contributions to relative performance. The information is generated using Factset, a multi-currency performance analytical system. The total estimated sector and region performance attribution is reconciled with and adjusted to the reported official relative return. SCH0030AU ActiveShare NumHoldings Fund Active share 74.9% Number of stocks 472 Source: Schroders MSCI All Country World ex Australia Index N/A 2,713 Page 4

5 Fund weights versus MSCI All Country World ex Australia Index Sector As at Banks Telecommunication Services Materials Health Care Consumer Staples Insurance & Asset Manager Energy Real Estate Industrials Utilities Consumer Discretionary Information Technology Cash Region As at United Kingdom Japan Emerging Markets Pacific ex Japan Continental Europe North America Cash 2.5 Size As at Mega Large Mid Small Micro 0.1 The difference between the fund and benchmark weights may not equal stated active weights due to rounding Schroder Investment Management Australia Limited Level 20 Angel Place, 123 Pitt Street, Sydney NSW 2000 Phone: Fax: (02) Investment in the Schroder Global Value Fund may be made on an application form accompanying the current Product Disclosure Statement, available from Schroder Investment Management Australia Limited (ABN AFSL ) ( Schroders ).This Report is intended solely for the information of the person to whom it is provided by Schroders. It should not be relied on by any person for the purposes of making investment decisions. Total returns are calculated using exit price to exit price, after fees and expenses, and assuming reinvestment of income. Gross returns are calculated using exit price to exit price and are gross of fees and expenses. The repayment of capital and performance of the Funds is not guaranteed by Schroders or any company in the Schroders Group. Past performance is not a reliable indicator of future performance. Unless otherwise stated the source for all graphs and tables contained in this report is Schroders. Opinions constitute our judgment at the time of issue and are subject to change. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation. For security reasons telephone calls may be recorded. Third party data is owned by the applicable third party identified above and is provided for your internal use only. Such data may not be reproduced or redisseminated and may not be used to create any financial instruments or products or any indices. Such data is provided without any warranties of any kind. Neither the third party data owner nor any other party involved in the publication of this document can be held liable for any error. The terms of the third party s specific disclaimers are set forth in the Important Information section at Page 5

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